Socialite raising money to repay fraud victims

Associated Press
June 18, 2012
Back to TopCommentsE-mailPrintBookmark and Share

A New York socialite has raised more than half of the $7 million a court ordered her to repay after she pleaded guilty to duping an Indiana company and other corporations out of millions of dollars.

Dina Wein Reis, a well-known art collector in New York social circles, has raised about $4.4 million and expects to raise the remainder by December, according to documents filed this month in federal court in Indianapolis.

Prosecutors said the 48-year-old swindled companies in Indiana, Missouri, New Jersey, Kentucky and possibly other states. A judge in 2011 ordered Reis to pay restitution and other financial penalties as part of a plea agreement on charges of conspiracy to commit wire fraud. Indiana victims included Roche Diagnostics Corp., DowBrands and Clabber Girl Corp., according to court records.

Reis is raising the money in part by selling her art collection at Sotheby's in New York, according to the recent court documents. She had been released on her own recognizance so she could raise the required funds, but her attorney said that would take time.

"This is a bad economy. It's difficult and it takes time to raise any large amount of money," attorney J. Richard Kiefer said Monday.

Reis was accused of wining and dining corporate CEOS at her luxurious brownstone under the guise of a company looking for a new top executive. Then they were asked to provide discounted goods for distribution by a nonexistent network that supposedly provided products for use as samples at retail outlets or promotional packages for senior living communities and other special groups.

Instead, prosecutors said, Reis sold the goods for profit. Some of Reis' employees who also were charged were alleged to have assisted in the scheme.

A date for Reis' sentencing hasn't been set. According to court documents, Reis is requesting that the hearing be held in mid-December, after she has raised the money.


Post a comment to this story

We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
You are legally responsible for what you post and your anonymity is not guaranteed.
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.